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1. A company purchased equipment on January 1 for $6,600. This equipment has a useful life of 5 years and a salvage value of $600. Requirement: (1)Calculate the depreciation expense for the first year of its useful life using the straight-line method? (2) Prepare the journal entry to record the depreciation on December 31 of first year. (3)Calculate the book value of the equipment on December 31 of first year. 2. Santa Fe Company purchased merchandise for resale from Mesa Company on credit with an invoice price of $36000. Santa Fe paid within 60 days. Requirement: Prepare entries that Santa Fe Company should record for (1) the purchase and (2) the cash payment. 3. Fastforward uses the perpetual inventory system and had the following sales transactions during May: May 2 Sold merchandise to Happy Hobby Shop on credit for $6,800, The items sold had a cost of $2,600. May 13 Happy Hobby Shop paid for the merchandise sold on May 2. Requirement: Prepare the journal entries that Fastforward must make to record (1) the sales transaction on May 2 and (2) cash collection on May 13. 4.Hitech company completed the following transactions during the month of July. (1)The company purchased an office equipment for $3000 on credit. (2) The company paid $1200 cash wages for an assistant. (3) The company paid $2600 cash for advertisement on the web. (4)The owner withdrew $1000 cash for his personal use. (5)The company provided $2500 of services on credit. Requirement: Prepare the journal entries to record the above transactions